Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

RIVCO AUSTRALIA LTD Audit Report / Information 2016

Sep 15, 2016

65706_rns_2016-09-15_1b21b9b3-ce74-48d3-8f28-183b0a160797.pdf

Audit Report / Information

Open in viewer

Opens in your device viewer

Duxton Water Portfolio

A Copy of Letter of Engagement

==> picture [474 x 668] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 41

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 42

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 43

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 44

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 45

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 46

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 47

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 48

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 49

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 50

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 51

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 52

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 53

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 54

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 55

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 56

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 57

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 58

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 59

Duxton Water Portfolio

B Water Rights Sales Agreement 1

Water Rights Sales Agreement

==> picture [448 x 633] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 61

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 62

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 63

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 64

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 65

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 66

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 67

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 68

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 69

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 70

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 71

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 72

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 73

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 74

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 75

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 76

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 77

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 78

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 79

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 80

Duxton Water Portfolio

Water Lease

==> picture [472 x 667] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 81

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 82

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 83

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 84

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 85

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 86

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 87

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 88

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 89

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 90

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 91

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 92

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 93

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 94

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 95

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 96

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 97

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 98

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 99

Duxton Water Portfolio

Certificates

==> picture [480 x 681] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 100

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 101

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 102

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 103

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 104

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 105

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 106

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 107

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 108

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 109

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 110

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 111

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 112

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 113

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 114

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 115

Duxton Water Portfolio

C Water Rights Sales Agreement 2

Water Rights Sales Agreement

==> picture [448 x 631] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 117

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 118

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 119

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 120

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 121

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 122

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 123

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 124

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 125

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 126

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 127

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 128

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 129

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 130

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 131

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 132

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 133

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 134

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 135

Duxton Water Portfolio

Water Lease

==> picture [464 x 657] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 136

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 137

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 138

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 139

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 140

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 141

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 142

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 143

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 144

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 145

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 146

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 147

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 148

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 149

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 150

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 151

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 152

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 153

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 154

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 155

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 156

Duxton Water Portfolio

==> picture [506 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 157

Duxton Water Portfolio

Certificates

==> picture [480 x 680] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 158

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 159

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 160

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 161

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 162

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 163

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 164

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 165

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 166

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 167

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 168

Duxton Water Portfolio

D Water Rights Sales Agreement 3

Water Rights Sales Agreement

==> picture [448 x 633] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 169

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 170

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 171

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 172

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 173

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 174

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 175

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 176

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 177

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 178

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 179

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 180

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 181

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 182

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 183

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 184

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 185

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 186

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 187

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 188

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 189

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 190

Duxton Water Portfolio

Water Lease

==> picture [475 x 671] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 191

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 192

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 193

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 194

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 195

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 196

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 197

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 198

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 199

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 200

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 201

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 202

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 203

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 204

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 205

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 206

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 207

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 208

Duxton Water Portfolio

Certificates

==> picture [472 x 668] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 209

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 210

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 211

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 212

Duxton Water Portfolio

E Water Rights Sales Agreement 4

Water Rights Sales Agreement

==> picture [448 x 635] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 213

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 214

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 215

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 216

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 217

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 218

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 219

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 220

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 221

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 222

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 223

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 224

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 225

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 226

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 227

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 228

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 229

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 230

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 231

Duxton Water Portfolio

Water Lease

==> picture [475 x 671] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 232

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 233

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 234

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 235

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 236

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 237

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 238

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 239

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 240

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 241

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 242

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 243

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 244

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 245

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 246

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 247

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 248

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 249

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 250

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 251

Duxton Water Portfolio

Certificates

==> picture [469 x 662] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 252

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 253

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 254

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 255

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 256

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 257

Duxton Water Portfolio

F Water Rights Sales Agreement 5

Water Rights Sales Agreement

==> picture [447 x 633] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 259

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 260

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 261

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 262

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 263

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 264

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 265

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 266

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 267

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 268

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 269

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 270

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 271

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 272

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 273

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 274

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 275

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 276

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 277

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 278

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 279

Duxton Water Portfolio

Water Lease

==> picture [473 x 670] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 280

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 281

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 282

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 283

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 284

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 285

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 286

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 287

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 288

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 289

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 290

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 291

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 292

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 293

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 294

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 295

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 296

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 297

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 298

Duxton Water Portfolio

Certificates

==> picture [470 x 663] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 299

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 300

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 301

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 302

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 303

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 304

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 305

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 306

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 307

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 308

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 309

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 310

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 311

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 312

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 313

Duxton Water Portfolio

==> picture [505 x 715] intentionally omitted <==

==> picture [113 x 34] intentionally omitted <==

© (CBRE) Valuation Pty Limited (CBRE) | VALUATION REPORT | 1641030100113 | 30 June 2016 | Page 314